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July 19, 2013

Andrews v ANZ: bank exception fees update

The question of whether bank exception fees are capable of being penalties at common law is in issue in the representative action of Andrews v Australian and New Zealand Banking Group Limited.

On 6 September 2012 the High Court of Australia made a declaration to the effect that certain fees were capable of characterisation as penalties even though they were not charged for a breach of contract (see note here ).

The Federal Court of Australia has now made an order that the further hearing of the proceedings in Andrews be adjourned to a date to be fixed after the hearing and determination of Paciocco v Australian and New Zealand Banking Group Limited, which is another representative action for which three weeks trial has been allowed in December.

Research: Shannon Adams

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Posted 19th July 2013 by David Jacobson in Financial Services